Published on: 14 June 2022 by Michael Lamb
If you’re a father you’re probably looking forward to Father’s Day, which happens to be this Sunday, June 19th 2022. It’s a day where you’ll normally get to put your feet up, choose the restaurant you want to eat at, and (maybe) even choose what to watch on the TV!
But while you’re relaxing over a delicious steak with a nice glass of wine, enjoying your family, it might be a good time to ask yourself “how would they cope without me?”
Life happens. The unexpected can, and will, occur. From suffering a critical illness, to being injured and unable to work, there are many risks in the world that can prevent you from giving your family the life they deserve.
Although Hong Kong is generally considered to be a safe city. accidents and emergencies still happen. From a taxi being involved in a traffic accident causing you injuries, to an illness or disability which leaves you unable to work, there are risks that can impact your ability to fully provide for your family.
While no one wants to think or envision a worst case scenario, as the global Covid-19 pandemic of the last two years has shown us, there are even unexpected risks which can develop suddenly and be deadly. These could be something mundane as slipping on the shower and hitting your head, or an issue which creates global news headlines (like Covid-19). Unfortunately, these risks are exceedingly hard to predict – the simple truth, as morbid and unpleasant as it may be, is no one knows when they will die.
Talking about life insurance on Father’s Day may seem slightly strange (and even a bit morbid). But, surrounded by your family and enjoying the day you might start thinking about the future.
In Hong Kong it is relatively easy to get sucked into your routine, and forget that danger exists in the most ordinary places. In fact, sitting and eating steak while drinking your wine could be the thing that finally triggers your heart disease and causes a heart attack.
As awful as it is to think about, things like heart attack and stroke do happen and can take you away from your loved ones. So how do you best protect them? Life Insurance is a good start. In fact, taking a 20-year term life insurance policy upon the birth of a child will ensure that they can reach maturity with the knowledge of financial support should anything untoward happen to you.
There are many life insurance options available to you in Hong Kong, but the simplest and most straight forward is going to be Term Life Insurance.
Term Life Insurance provides your policy beneficiaries with a financial settlement in the event of your unexpected death. Unlike other types of Life Insurance there are no investment or savings components, just straightforward death coverage. The major component of Term Life Insurance is the policy’s “term.” This is the length of time that cover will be active for and can normally be purchased in five year increments starting with a 5 year term.
Think of term life insurance like a bet that you don’t want to win. If you should die while the term is in effect, then the insurance company will provide a financial settlement to your family. If you should survive the term then the insurance will not provide any financial settlements.
Term Life insurance is straightforward, but give your family the assurance that they will have the financial assistance they need for mortgage payments, school fees, or even relocation costs should you pass away unexpectedly.
But what if you don’t die? What if you become seriously injured or suffer a major illness which leaves you unable to work and earn an income?
If you’re seriously injured and are unable to work then for many fathers becoming a drain on their families is a very real fear.
Many Term Life Insurance products in Hong Kong will offer policy riders that expand the coverage to different risks that can put your (and your family’s) lifestyle at risk. These additional benefits include protection for things like:
These benefits can be purchased in addition to a life insurance policy or on a standalone basis and ensure that you have the support to provide for your family in situations where you’re unable to earn an income. From Carpal tunnel syndrome to cancer, from Car Accidents to Hiking Mishaps, obtaining these supplemental coverages ensures that your family is able to continue with comprehensive financial support, no matter what happens to you.
Life Insurance can be confusing, there are many options and combinations of products which could potentially be right for your needs. Very rarely is there a “one-size-fits-all” solution when it comes to your life insurance protection – your needs and lifestyle are likely going to be very different from anyone else.
CCW Global’s expert insurance brokers can assist you in finding the right blend of life insurance protection for you and your loved ones. Starting with a no-cost, no-obligation consultation, our brokers will work with you to compare and analyze all the options that are best suited to your specific requirements, while understanding where your life may take you in the future – ensuring that you are protected no matter what happens.
Contact Us today to arrange a free meeting with an expert insurance broker, or to receive a free quote simply complete the short form at the top of this page.